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Good Friday morning!
Market buyers were right back at it yesterday after a sharp liquidation break early in the session and all top line figures were at or close to all time highs at the bell!
The four day gentle pullback has quickly broken back to the upside and you can see it in the profile picture below. As I said the past few days there is no aggressive selling and there is still no fear in the markets, so the bulls are still firmly in control even after 4 days down. These kinds of moves happen when a market gets stretched to the upside....there needs to be some pullback and consolidation and that is exactly what just happened.
Futures are flat to mixed this morning and we are inside of prior days range. This makes it a bit harder to determine early direction so consider trading later vs sooner or just S.O.H. ....sit on hands!
We have important data coming out at 9:45 AM EST, PMI Manufacturing Index and ISM Manufacturing Index at 10:00 AM EST. These are market moving numbers so stay alert or on the sidelines until they pass. Markets will be all over the place.
No new VPOC's added above or below so we still have 17 untested points of control below current price. Continues to be a record number!
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5115 - 5125
downside target is: 5095 - 5085
/NQ upside target is: 18,180 - 18,150
downside target is : 18,050 - 18.025
/RTY upside target is: 2070 - 2075
downside target is: 2058 - 2055
Economic Data: Red Star Events This Morning!
** PMI Mfg Index @ 9:45 AM EST
** ISM Mfg Index @ 10:00 AM EST
Construction Spending @ 10:00 AM EST
Consumer Sentiment @ 10:00 AM EST
FED Members Bostic and Daly speak today!
More Color.......
/ES - Key Demand at $ 5060 - 5075 with Supply above at $5116 - 5105
- I would like to play short as long as price can hold below $5110
SPY - Demand at $504-505 with Supply a $509.
- Looking for buyers trapped at the open to play a break and retest short from $5080
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Buyers at the open looking a sell off and bounce from key demand waiting for a pullback to play long
SPX - Key Demand at $5060- $5070 with Supply above at $5111- 5100
/NQ - Key Demand at $17850 then at $17970-18000 with Supply at $18165-18140
QQQ - Supply at $442- 440 with Demand at $473-438 - below though demand is at $433-434
Have a great day and a wonderful weekend!
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